Sun News - A new, 56-unit apartment complex under construction in Myrtle Beach is expected to help fill the perpetual need for affordable housing in the area. The second phase of Bay Pointe, which is on Mr. Joe White Avenue near Robert Grissom Parkway, is expected to be completed in August, about a year after the first phase opened next door, according to Progress Builders, which is building the development. The first phase filled quickly, prompting Progress Builders and Bradley Development to put together plans for the second phase, which will have two- and three-bedroom apartments, and will more than double Bay Pointe's size. "There's a lot of interest left over from the original community there," said Michael Allard, the chief construction officer at Progress Builders. "The demand for affordable housing is never fully served by supply."
There is a long waiting list for people who want Section 8 housing vouchers, and places like Bay Pointe, which don't require but do accept the vouchers, help people who need affordable housing, said Sharron Forrest, the executive director of the Myrtle Beach Housing Authority. A local a real estate analyst with the Coastal Carolinas Association of Realtors, said that there is consistently a need for workforce affordable housing. "There is a pent-up demand," he said. "I think we have a need and it's great to see people filling it." The first phase was full within three months and phase two is expected to fill up just as quickly, said Brad Queener, president of Bradley Development Co. and the developer of the project.
The two-bedroom apartments will range in price from $520 to $630 and the three-bedroom apartments will range in price from $595 to $685, depending on the renter's income. "The demand for this type of housing has certainly gone up and because of the tax credits and the equity infusion we can build deals now, and market rate deals now are much tougher to be built," Queener said. There will be requirements as to who can rent apartments in the building because the project is funded through the state's Low Income Housing Tax Credit, Allard said. The credit is an indirect federal subsidy that is used to finance the development of affordable rental housing for low-income households, according to the U.S. Department of Housing and Urban Development's website. In exchange for their financial backing, the investors will receive a tax credit.
